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Baht Giving Back Some Of Last Week's Gains

THB

USD/THB has remained mostly on the front foot in the first part of today's session. The pair is tracking near 36.45 in recent dealings, around 0.40% weaker in baht terms versus Monday closing levels. This is underperforming some USD weakness seen over the past 24hours or so. The baht has lost 0.75% so far this week, unwinding part of last week's +2.28% gain.

  • The pair is back close to the 20-day EMA, but remains sub earlier October highs north of 37.00. Recent lows come in around 36.09.
  • Yesterday's sharp local equity pull back (-1.63%), has seen fresh offshore investors outflows (-$80mn for Monday's session), which has likely been a baht headwind. Local equities are tracking higher in early trade today though (SET +0.25%).
  • The local data calendar remains light. The Chamber of Commerce is meeting this morning to discuss the export outlook for 2024.
  • Elsewhere, the authorities have capped state run electric train fares (see this BBG link). The other focus point is on a potential gasoline subsidy to ease cost of living pressures (see this BBG link).
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